Neurontin 600mg Augmentin Générique Femme Exciter Zithromax Monodose Mycoplasme

Allstate’s auto insurance coverage renewal price is its worst in twenty years

0

Allstate, which has had its worst auto insurance retention numbers in two decades, is not looking good.

In 2020, the company’s auto policy renewal was 87.5%, down from 88% in 2019. This was the worst renewal rate for Allstate since at least 2001, according to investors.

In addition, Allstate earnings data showed that policies were also down 0.5% to 21.8 million at year-end. The insurer’s renewal rate was 78.2% in 2020 – the worst quarterly attrition in at least eight years.

“Of course retention is always hard to figure out, isn’t it?” Allstate CEO Tom Wilson said on a recent conference call with analysts. “Because a lot of things are going on, you have people who change their lifestyle, don’t drive that much, some people shop more, you have competitive movements.”

Executives attributed some of that wear and tear to Allstate’s discontinuation of the Shelter-in-Place Payback program, where the company gave auto insurance customers 15% off in the early stages of the pandemic. Allstate’s program expired last summer while competitors like Progressive and Geico extended their discount programs in select states.

Another competitor, State Farm, also started increasing its rates, but compared to Allstate, it chose not to bring them back to pre-pandemic levels, Crains Chicago Business reported.

You might also like

Leave A Reply

Your email address will not be published.


Sitemap